Are you looking to finance a home in Anchorage?
Many people think applying for financing is one of the most stressful parts of purchasing a home, but it doesn't have to be.
I'm very well-connected to a lot of lending companies in the Anchorage area, and they've helped me realize some things that can make the loan application process easy.
1 – Put together a list of questions about your loan program
Be sure to bring a list of questions with you if you do not thoroughly understand the advantages and disadvantages of the various loan programs.
It can be a challenge understanding the differences between fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of each.
2 – Determine when to lock
By locking in the rate, a mortgage lender is guaranteeing the interest rates for the loan – usually at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Those who elect to float presume the interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Determine if you want to pay additional points to decrease your rate
If you elect to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan.
To decide if buying points is right for you, click here to use our points calculator.
4 – Gather your paperwork
Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of common loan documentation.